By Kiku Steinfeld
Chicago, April 30 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable contingent coupon equity-linked securities due April 18, 2024 linked to the worst performing of the Invesco Solar ETF and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon plus any previously unpaid coupons at an annual rate of 9.35% if each fund closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par on any quarterly valuation date after six months.
If the notes are not called and each fund finishes at or above final barrier price, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will be exposed to the downside of the worst performer, payable either in cash or shares at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying funds: | Invesco Solar ETF and United States Oil Fund, LP
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| Amount: | $250,000
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| Maturity: | April 18, 2024
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| Coupon: | 9.35% annualized rate, payable quarterly if each fund closes at or above coupon barrier price on valuation date for that quarter; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par if each fund closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer, payable either in cash or shares at issuer’s option
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| Call: | Automatically at par if each fund closes at or above initial level on any quarterly valuation date after six months
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| Initial levels: | $85.49 for Solar and $43.18 for Oil
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| Coupon barrier levels: | $59.843 for Solar and $30.226 for Oil, 70% of initial levels
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| Final barrier levels: | 42.745 for Solar and $21.590 for Oil, 50% of initial levels
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| Equity Ratios: | 11.69727 for Solar and 23.15887 for Oil
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| Pricing date: | April 16
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| Settlement date: | April 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
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| Cusip: | 17328NNS3
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